Asia shares mostly lower after jet crash; Malaysia Airlines sinks

Asian stocks ended mostly lower on Friday after the crash of a passenger plane in Ukraine and a ground offensive in Gaza sparked geopolitical tensions.

On Thursday, a Malaysia Airlines passenger plane carrying 298 people crashed over eastern Ukraine after being hit by a surface-to-air missile, U.S. officials said. Both the Ukrainian government and pro-Russian rebels fighting in the region have denied responsibility.

"Unless we hear more definitive news, the uncertainty could see elevated risk aversion," said Chris Weston, chief market strategist at IG.

Meanwhile, oil prices rose after Israeli Prime Minister Benjamin Netanyahu announced the start of a ground campaign in Gaza. The decision came as a surprise as officials from the Palestinian authority and Israel were believed to be progressing in talks in Egypt aimed at a lasting cease-fire.

Malaysia's benchmark index fell to a one-month low while the ringgit eased 0.3 percent against the greenback, near a two-week low hit on Wednesday. Malaysia Airlines closed down 11 percent after slumping as much as 15 percent at the open.